Remitly Global, Inc. (NASDAQ: RELY), a digital financial services provider for immigrants and their families, announced it has expanded into the Middle East with the launch of its outbound remittance product in the UAE.
Remitly has also “opened an office in the Dubai International Financial Center (DIFC), its first in the country.” The company’s new presence in the UAE “marks its 30th send country, contributing to its more than 4,300 corridors overall.”
The remittance sector in the UAE is strong, “with immigrants comprising nearly 90 percent of the country’s population.”
With the vast majority of remittance transactions completed through cash pay-in at brick-and-mortar stalls, Remitly’s expansion into the UAE brings “a welcomed solution for the millions of immigrants there dealing with long wait times, operating hour constraints, and risks associated with cash (both financial crime risk and physical security risk).”
Mohamed Mansour, Head of Region, UAE at Remitly, said:
“With one of the world’s largest populations of immigrants and the second-highest global volume of remittance originations, the UAE was a natural choice for us as a market for expansion. Moreover, the country’s advanced digitization and push towards a cashless economy makes Remitly’s platform particularly relevant and well suited to the population here. I’m thrilled that this expansion will bring reliable international payments support for immigrants and their loved ones back home.”
Remitly claims it is already “a trusted partner throughout significant recipient regions from the UAE, including locations such as India, Pakistan, the Philippines, and Bangladesh.”
Its strong foothold and partnerships in these areas, “coupled with its customer-centric commitment to a reliable, fast, transparent, and convenient remittance experience, sets the company up for long-term growth in the region.”
As mentioned in the update, Remitly claims it is “a leading digital financial services provider for immigrants and their families in over 170 countries around the world.”
Remitly helps immigrants send money home “in a safe, reliable and transparent manner. Its digitally-native, cross-border remittance app eliminates the long wait times, complexities and fees typical of traditional remittance processes.”
Building on its strong foundation, Remitly is “expanding its suite of products to further its mission and transform financial services for immigrants all around the world.”